The Reserve Bank of India (RBI) on Wednesday said Rs 2,000 banknotes continue to be a legal tender and that people can deposit the currency through any post office in the country. The central bank, which announced the withdrawal of the currency in May this year, said that more than 97 per cent of the banknotes had returned.
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Remuneration or consideration received, directly/indirectly by a serving or separated director, for providing corporate guarantee will be treated as taxable value for GST, the Central Board of Indirect Taxes & Customs (CBIC) has said. This is part of a clarificatory circular, sent by CBIC to its field formations, for implementation of GST Council’s recommendations pertaining to taxability of personal guarantee and corporate guarantee.
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The Gujarat High Court has ruled that a Chartered Accountancy (CA) firm should be classified as a professional establishment rather than a shop, commercial or retail entity and as a result, its employees are deemed ineligible for inclusion under the Employees’ State Insurance (ESI) benefit scheme.
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Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, delivered a keynote address at the Global Conference on Cooperation in Enforcement Matters (GCCEM) 2023, where she stressed the importance of making substantial advancements in the realm of customs enforcement.
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After the boost in sales of the automobile sector on the occasion of Dussehra in the state, in a bid to uncover tax evasion, the goods and service tax (GST) department conducted raids at multiple locations in four major cities of Gujarat on Oct 27.
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The CBIC vide Notification No. 52/2023 dated October 26, 2023, has issued Central Goods and Services Tax (Fourth Amendment) Rules, 2023 to further amend the Central Goods and Services Tax Rules, 2017 (“the CGST Rules”) making amendments in Rule 142 of the CGST, Rules.
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The CBIC vide Notification No. 52/2023 Central Tax dated October 26, 2023, has issued Central Goods and Services Tax (Fourth Amendment) Rules, 2023 to interalia amend FORM GST PCT-01.
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The Goods and Services Tax Network (GSTN) has issued important Advisory No. 610 dated October 27, 2023 related to changes in GSTR-5A
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The Directorate General of GST Intelligence (DGGI) is reportedly probing a recent deal between Raymond and Godrej. Earlier this year, Godrej Consumer Products had announced that it entered into an agreement to acquire the FMCG business of Raymond Consumer Care Limited, a leading player in deodorants and sexual wellness categories in India.
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Remuneration or consideration received, directly/indirectly by a serving or separated director, for providing corporate guarantee will be treated as taxable value for GST, the Central Board of Indirect Taxes & Customs (CBIC) has said.
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The ambiguity in product categorisation when it comes to Goods and Services Tax (GST) rates is causing confusion once again—this time it is snacks and namkeens. The snacks industry is now seeking clarity from the government on the status of namkeen, fryums and snacks after a slew of DGGI notices, sources told CNBC-TV18.
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The CBIC issued Circular No. 25/2023-Customs dated October 25, 2023, introducing amendments to Circular No. 11/2013 dated March 6, 2013. These amendments pertain to the inclusion of Surat within the jurisdiction of the Commissioner of Customs, Ahmedabad.
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The CBIC issued Circular No. 26/2023-Customs dated October 26, 2023, regarding the revision of All Industry Rates (AIRs) of Duty Drawback. These revisions were notified in Notification No. 77/2023-Customs (N.T.) dated October 20, 2023, and they will come into force on October 30, 2023.
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The Detailed Agenda and Minutes of the 50th Council meeting held on July 11, 2023 are now available on the GST Council website.
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The Detailed Agenda and Minutes of the 51st Council meeting held on August 02, 2023 are now available on the GST Council website.
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A bench of the Gujarat High Court has stayed GST department notices regarding the imposition of GST on the transfer of leasehold rights over Gujarat Industrial Development Corporation (GIDC) land across the state.
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The Goods and Services Tax (GST) composition scheme is a simplified taxation structure designed to ease the compliance burden for small businesses in India. This scheme is primarily chosen by businesses with specific annual turnovers. Under the GST law, businesses with an annual aggregate turnover of up to Rs1.5 crore (Rs 75 lakh for special category states) can opt for the composition scheme.
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The Supreme Court has recently issued a notice in a Writ Petition seeking the availability of an option for revised returns on the GSTIN Portal to enable GST Dealers to rectify human errors in their return filings and to avoid disputes between the GST Department and GST Registered Persons.
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Around 700 boutiques across Punjab are under scanner of the Punjab Excise and Taxation Department (PETD) as neither these units pay GST, nor issue mandatory bills to customers. There are 40 big boutiques in Patiala, Ludhiana and other districts, which have their annual turnover in lakhs, but are not following the mandatory guidelines of the state government.
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In recent weeks, the central and state GST authorities have issued demand notices to companies spanning a range of sectors — from consumer durables to smart phones, insurance, online gaming and service providers.
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The Ministry of Finance, Department of Revenue issued Notification F. No A-50050/69/2023-CESTAT-DOR dated October 25, 2023, to notify the “Goods and Services Tax Appellate Tribunal (Appointment and Conditions of Service of President and Members) Rules, 2023.”
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